Philippine taxation

Latest issues

IT security: What lurks in the dark

26 May 2016

The digital age has reintroduced data as a crucial resource for businesses. Data is now a precious asset that you can convert to valuable and useful information to help your business grow. Needless to say, if data is not being carefully safeguarded, opportunities and even confidential information may be lost. The recent data breach in the Commission on Election Web site has placed people’s privacy at risk, ranging from access to their bank accounts to using their personal information for impersonation, fraud, and much more.

A peek at the next five years for Philippine transfer pricing

19 May 2016

With the determination to fulfill its mandate even in the midst of challenges, the Bureau of Internal Revenue (BIR) has come up with a strategic plan that is designed to help the organization achieve its vision to be an institution of service excellence and integrity. This strategic plan will serve as the BIR’s roadmap for the next five years (i.e., 2016-2020) and aims to achieve seven high-level strategic objectives, namely: attain collection targets and sustain collection growth; improve taxpayer satisfaction and compliance; strengthen good governance; improve assistance and enforcement; build and deploy information technology systems, processes and tools; improve integrity, competence, professionalism and satisfaction of human resources; and optimize management resources. These seven overarching objectives shall support the BIR’s goal of improving services to taxpayers to increase voluntary compliance and of enforcing the laws for those who do not comply.

M&As and the PCC’s billion-peso question

12 May 2016

n the past few years, our country’s credit rating has improved. From being tagged as the “sick man of Asia,” the Philippines is currently rated “investment-grade” by three of the major global credit rating agencies. Based on the publications issued by the outgoing administration, the increase in rating can be attributed to the strong performance of the service sector, trade, real estate and business activities, and manufacturing and construction subsectors.

Tax Alert No. 17 [Revenue Memorandum Order No. 14-2016 dated 4 April 2016]

21 Apr 2016

Guidelines for the execution of waivers from the Defense of Prescription

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IT security: What lurks in the dark

26 May 2016

The digital age has reintroduced data as a crucial resource for businesses. Data is now a precious asset that you can convert to valuable and useful information to help your business grow. Needless to say, if data is not being carefully safeguarded, opportunities and even confidential information may be lost. The recent data breach in the Commission on Election Web site has placed people’s privacy at risk, ranging from access to their bank accounts to using their personal information for impersonation, fraud, and much more.

Read all Taxwise or Otherwise

Disclosure initiative: Improving the effectiveness of disclosure in financial reporting

06 May 2016

In December 2014, the International Accounting Standards Board (IASB) issued amendments to IAS 1, ‘Presentation of Financial Statements’. These amendments clarify guidance in IAS 1 on materiality and aggregation, the presentation of subtotals, the structure of financial statements and the disclosure of accounting policies. The amendments form a part of the IASB’s Disclosure Initiative, which explores how disclosures in International Financial Reporting Standards (IFRS) financial reporting can be improved.

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2016 Tax calendar

28 Dec 2012

This calendar lists all important payments and registration schedules from the BIR, SEC and other agencies.

National Internal Revenue Code of 1997

06 Sep 2007

A codal version of National Internal Revenue Code of 1997 (Tax Code). Including RR 10-2008, RR 16-2008,Consolidated Withholding Tax Regulations, Consolidated Fringe Benefits Tax Regulations

CWT and FBT Regulations Handbook: Philippines 2006

13 Aug 2013

Consolidated Withholding Tax (CWT) and Fringe Benefits Tax (FBT) Regulations Handbook: Philippines 2006